As much of the eastern half of the United States braces for its second dose of significant summer temperatures Thursday, cash prices for much of the country on Wednesday soared between a dime to more than a dollar, with the Northeast region continuing to come in on the high side of the day's gains.
Turning attention to Thursday morning's inventory report from the Energy Information Administration for the week ending June 22, industry estimates appear tightly grouped for an injection well below normal. Both Reuters and Bentek Energy are expecting a 52 Bcf build when the EIA releases the report at 10:30 a.m. eastern on Thursday, which would be well shy of both last year's adjusted 84 Bcf addition for the week and the five-year average build for the week of 85 Bcf.
"Despite weaker-than-historical injections, U.S. storage inventories are projected to reach a record high by the end of the season," Bentek said in its weekly storage outlook. "Downward pressure on prices is expected."
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